Transurban Queensland completes US private placement
Transurban Queensland, in which Transurban has a 62.5% interest, has priced approximately A$900 million (US$669 million) in senior secured notes.
Proceeds from the notes will be used to fully repay the remainder of the senior debt bridge facility that is due to mature in July 2016, the Clem7 debt (and associated interest rate swaps) that is due to mature in December 2016, and partly repay the senior term bank debt that is due to mature in July 2017.
The notes will be issued in three tranches of approximately A$200 million, A$300 million and A$400 million with tenors of 10, 12 and 15 years respectively. The notes will rank equally with Transurban Queensland's existing senior debt. The weighted average cost of the three tranches is 5.7%.
Settlement is expected to occur on 22 September 2015 and is subject to certain closing conditions.
Transurban Chief Financial Officer, Adam Watson, stated:
"We are very pleased to have been able to attract such a strong investor base to complete our inaugural Transurban Queensland USPP issuance."
"A key element of our capital management strategy has been to extend the tenor of debt. Transurban Queensland has been active in the debt markets over the past twelve months, and this USPP issuance, together with other recent debt raisings, has effectively doubled the average length of Transurban Queensland's debt book to over six years."
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